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VIEW: ANZ note that "a kick-start to another...>

- Bonds & Currency News | Market News" >
GOLD: VIEW: ANZ note that "a kick-start to another rally in the gold price
remains elusive. The market's confidence that the most acute stage of the
pandemic has passed in many countries has seen risk appetite improve. With
investors now betting stimulus measures will bridge the gap to more normal
growth. Nevertheless, we still expect gold to hit a record high in H2 2020. The
gold price had a spectacular start to the year, as investors sought refuge in
safer assets. Speculative net-long positions hit record highs, while holdings of
gold-backed ETFs surged. However, an increase in risk appetite has been a
strengthening headwind for gold. We remain bullish over the medium term. The
macro backdrop is challenging, despite market confidence in the trend towards
normalised growth. The expansion of central banks' balance sheets shows no sign
of abating, while geopolitical tensions escalate. We think those investors who
continue to raise their allocation to precious metals are sitting on a gold
- Bonds & Currency News | Market News" >
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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